A CHECKLIST FOR PLANNING RETIREMENT VILLAGE LIVING
Top 24 Considerations (Part 1 of 2)
By Lesa Macpherson
- Both Lifestyle choices and Financial costs are important in Retirement Village Contracts. The emotional components of your decision need careful consideration as well as the financial aspects.
- Visit a variety of villages and picture yourself in each of them. Talk to residents, as well as your friends and family when making your decision.
- How will you continue to include your loved ones in your life at the Village you choose?
- Will you be close to friends and family?
- Can they stay overnight for a short visit?
- Are pets allowed?
- Does the Village include bus/transport services?
- Just repeating – An engaging lifestyle is a very important consideration. Can you keep up your favourite hobbies or learn new ones? What clubs/social groups/activities are offered?
- Can you afford the ongoing costs – not just entry costs? Understand what they are. If a couple, could you afford the fees if one of you is no longer there?
- What happens with any Capital Gain on the unit? What are the refurbishment requirements?
- Exit Fees – What are they? When are they payable?
- If you leave the Retirement Village what are your entitlements? How soon would they be paid?
- Do you have any right to transfer your entitlements to family? Can you put it in your will?
- What sort of contract are you entering into? Freehold? Lease? Licence to reside?
- What arrangements are there for ill health/hospitalization if needed?
- Ongoing care … For higher level care can you stay in the Village or do you have to move elsewhere? Consider the costs of transitioning.
ALWAYS USE A SPECIALIST LAWYER, NOT A GENERALIST WHEN SEEKING LEGAL ADVICE ON RETIREMENT LIVING OPTIONS.